PPP Loan Data — Sweet Grace Heavenly Cakes LLC, Lawrence, MA
Sweet Grace Heavenly Cakes LLC is a limited liability company (LLC) located at 98 Essex St in Lawrence, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $24,833.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Sweet Grace Heavenly Cakes LLC in Lawrence, MA received a Paycheck Protection Loan of $24,833 through Eastern Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in June, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Sweet Grace Heavenly Cakes LLC's 2019 payroll expenses are estimated to be at least $119,198.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,028 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sweet Grace Heavenly Cakes LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,833
Business Information - Sweet Grace Heavenly Cakes LLC in Lawrence, MA
98 Essex St
Lawrence, MA 1840
NAICS code 311811
Business Owner Demographics
Ethnicity: Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Lawrence
In the Lawrence area, 7 businesses in the "Retail Bakeries" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 7) and received an average PPP loan of $27,111 (compared to this company's $24,833).
Similar Nearby Businesses Who Received PPP Funding:
HC Distributors Inc
Sweet Grace Heavenly Cak
La Cibaena Bakery Inc
Fisichelli's Pasry Shop Inc
Industry PPP Comparison Statistics
Nationwide, 14,770 businesses in the "Retail Bakeries" industry received a total of $613.69M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 7 employees, the same amount reported by Sweet Grace Heavenly Cakes LLC and received an average PPP loan of $41,550, 67% higher than this company's loan of $24,833.
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Footnotes & Information
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